And just like that, we’re back to Obama-size deficits

[avordvet]

And just like that, we’re back to Obama-size deficits 😞😞😞

The Right Scoop, Aug. 21, 2019 3:29 pm

The CBO is out with a new report that estimates the budget deficit for this year at just under a trillion and the budget deficit for next year to exceed a trillion:

therightscoop.com/and-just-like-that-were-back-to-obama-size-deficits-%f0%9f%98%9e%f0%9f%98%9e%f0%9f%98%9e/

Trump BAILS on plan to cut 4 billion in foreign aid…

The Right Scoop, Aug. 22, 2019 3:55 pm

So much for that 4 billion in cuts we told you about the other day. Apparently we can’t even do that:

therightscoop.com/trump-bails-on-plan-to-cut-4-billion-in-foreign-aid/

[avordvet]

The National Debt Is Now More than Ten Times Annual Tax Receipts

09/06/2019, Ryan McMaken

Politicians from Alexandria Ocasio-Cortez to Dick Cheney are united in their agreement that deficits don't matter. Of course, that's exactly what a politician would say. Politicians score points by spending other people's money, so naturally, they don't want to hear anything about how prudence suggests it might be a good idea to not spend that extra 800 billion dollars they don't have.

But there is apparently little concern in Washington, DC as the annual deficit — for a single year, mind you — approaches one trillion dollars for the first time since the hit-the-panic-button days of the Great Recession. Except that now huge deficits are coming during "good" economic times.

Moreover, as the Congressional Budget Office has forecast, the debt load is expected to rise to 125 percent of GDP over the 20 years. That's higher than the US debt-to-GDP ratio during World War II.

This, of course, assumes no major geopolitical or economic disruptions, whicih would make things far worse.

mises.org/power-market/national-debt-now-more-ten-times-annual-tax-receipts

Real US debt levels could be 2,000% of economy, a Wall Street report suggests

Published Mon, Sep 9 2019 12:27 PM EDT, Updated Mon, Sep 9 2019 3:06 PM EDT

Key Points

Total U.S. debt including all forms of government, state, local, financial and entitlement liabilities comes close to 2,000% of GDP, according to AB Bernstein.

The biggest potential load comes from entitlements, but is being pressured from rising levels of federal government debt as well.

The warnings about potential debt hazards come as the total federal debt outstanding has surged to $22.5 trillion.
A debt reform advocate says now is the time for the U.S. to tackle the issue, before recession hits.

Total potential debt for the U.S. by one all-encompassing measure is running close to 2,000% of GDP, according to an analysis that suggests danger but also cautions against reading too much into the level.

www.cnbc.com/2019/09/09/real-us-debt-levels-could-be-a-shocking-2000percent-of-gdp-report-suggests.html